How are Americans in Mexico treated? How are expats in Mexico treated generally?
Ivan Castillo - Secure Title Riviera Maya
The Americans and other expats in Mexico are treated very well and are very welcome. I haven’t seen that they are banned from anywhere. In Mexico, we are a community. From a cultural perspective we are very warm with people who visit our country and who live here. We always try to help in any way we can.
I don’t see any resentment relative to money or anything else. Mexicans are used to having foreigners within in our community. So on the...
The Americans and other expats in Mexico are treated very well and are very welcome. I haven’t seen that they are banned from anywhere. In Mexico, we are a community. From a cultural perspective we are very warm with people who visit our country and who live here. We always try to help in any way we can.
I don’t see any resentment relative to money or anything else. Mexicans are used to having foreigners within in our community. So on the contrary, as Mexicans, we see expats who have money as being very positive for us, because, from a financial perspective, expats with money creates jobs.
(Children building a Mayan temple on the beach at Cancun, Mexico, pictured.)
Several stores in Panama specialize in technological equipment, including modern TV sets. The Panama Free Zone carries articles from around the world, so you have a great variety of choices, with all the required standards.
You can get excellent prices, maybe not compared to "Black Friday", but for example 42" TV plasmas could cost around $500 and up (including the warranty), depending on the store and features, with special...
Several stores in Panama specialize in technological equipment, including modern TV sets. The Panama Free Zone carries articles from around the world, so you have a great variety of choices, with all the required standards.
You can get excellent prices, maybe not compared to "Black Friday", but for example 42" TV plasmas could cost around $500 and up (including the warranty), depending on the store and features, with special promotions several times a year.
The main stores in Panamá are: Panafoto, LG, Sonny, Rodelag, Discovery, Raemco, Fotokina, Multimax and others. Most of them have a presence in several minor cities.
As for cable TV, there are several companies that have several options and packages, like Claro, Cable Onda, Cable & Wireless, and plans could vary between $20 to $80 per month. Some of these companies offer a combined package that bundles Internet with a residential or cellular phone account. The more you take, the better price you get.
Warning: carefully check what you are getting, because sometimes it can be confusing. Be patient, because sometimes it can take a long time to chose the right plan for you. The good news is that companies offering the plans are in the malls.
Local employees in San Juan Del Sur know that they can depend on a certain income. Being a tourist town, the income ebbs and flows. There is a slower season and busy season but businesses have learned to predict and anticipate these changes. My business, which is a school, is thankfully pretty consistent. Children need to go to school year round. It does fluctuate a bit because of some families who move here and later on decide that San Juan Del Sur is not for them or their families. I...
Local employees in San Juan Del Sur know that they can depend on a certain income. Being a tourist town, the income ebbs and flows. There is a slower season and busy season but businesses have learned to predict and anticipate these changes. My business, which is a school, is thankfully pretty consistent. Children need to go to school year round. It does fluctuate a bit because of some families who move here and later on decide that San Juan Del Sur is not for them or their families. I have some transitions but it seems to be steady now and growing. In general, I feel that the economy here is pretty stable.
The economy in San Juan Del Sur is mostly tourism based. There is some farming of beans and coffee just outside of San Juan but the economy of San Juan, itself, is oriented more towards fishing and tourism although, fishing is not any longer really a big part of the economy of San Juan.
The construction industry in San Juan Del Sur is also growing. My husband is in the real estate business. He works with RE/MAX and he has a steady client base that is building homes, asking for builders, and there is a lot of new construction happening here.
(Super Space Trip Presentation at San Juan del Sur Day School, San Juan del Sur, Nicaragua, pictured.)
Will Belize make me pay income tax on money I earn in Belize?
Kate Corrigan - Caye International Bank
If you have a business here in Belize, then you do have to pay local taxes and business taxes.
I run a restaurant in Belize and I have money in Belize, so I pay the taxes and social security, etc. I am salaried here in Belize, so I pay Social Security taxes. Fortunately, currently, I don’t have to pay taxes in the UK for my earnings here in Belize, whereas I do believe in the US, you have to pay income taxes, not only in the area where you are...
If you have a business here in Belize, then you do have to pay local taxes and business taxes.
I run a restaurant in Belize and I have money in Belize, so I pay the taxes and social security, etc. I am salaried here in Belize, so I pay Social Security taxes. Fortunately, currently, I don’t have to pay taxes in the UK for my earnings here in Belize, whereas I do believe in the US, you have to pay income taxes, not only in the area where you are working, but you also have to pay taxes in the US, regardless of where the money comes from, unless you qualify for the foreign earned tax benefit. I understand that there is various different ways to qualify for that, one of which is being out of the US for a certain amount of days or something like that or being proven a resident of another country.
In general, how does the Foreign Account Tax Compliance Act (FATCA) affect me if I move overseas?
Jay Butler - Asset Protection Services of America
What the FATCA is the Foreign Account Tax Compliance Act?
Like a thief in the night, President Barack Hussein Obama enacted Public Law 111-147 (H.R. 2847) just after midnight at 00:01 hours on March 18th, 2010. This law provides the "fiscal transparency" promised under an Obama administration - but just not from the government; it is the citizenry who are subject to such scrutiny.
On February 8th, 2012 the Internal Revenue Service (IRS) released the Proposed Regulations for
What the FATCA is the Foreign Account Tax Compliance Act?
Like a thief in the night, President Barack Hussein Obama enacted Public Law 111-147 (H.R. 2847) just after midnight at 00:01 hours on March 18th, 2010. This law provides the "fiscal transparency" promised under an Obama administration - but just not from the government; it is the citizenry who are subject to such scrutiny.
On February 8th, 2012 the Internal Revenue Service (IRS) released the Proposed Regulations for the FATCA implementation and subsequent instructions on how and when to file Form 8938 stating, "U.S. taxpayers with specified foreign financial assets that exceed certain thresholds must report these assets to the IRS".
On the same day, the U.S Treasury released a 'Joint Statement' with the governments of France, Germany, Italy, Spain and the United Kingdom "Regarding an intergovernmental approach to improving international tax compliance and implementing FATCA".
So what the FATCA just happened? In layman's terms, "The U.S. government has once again increased its power and scope of authority to intrude, investigate and regulate virtually every sizable international financial transaction you make starting in 2013."
The focus of this answer is to look at House Resolution 2847, or the HIRE Act (Hiring Incentives to Restore Employment Act). And within the legislation, under Title V "Offset Provisions", we shall examine one section of Subtitle A, which is where you can go to find more on how to get FATC "Foreign Account Tax Compliant".
Here are some highlights of "Change You Can Believe In". When Americans wish to send money offshore next year, we find it reads in Part 1, Section 501(a), Chapter 4, Section 1474(a):
"In the case of any withholdable payment to a foreign financial institute which does not meet the requirements of subsection (b), the withholding agent with respect to such payment shall deduct and withhold from such payment a tax equal to 30 percent of the amount of such payment."
The aggregate amount for foreign financial assets has initially been set exceeding $50,000. Eerily, the federal income tax started at a mere 3% wartime tax, was never repealed, and has brackets today well over 40%. History has demonstrated governments will expand their power and attempt to lower this $50,000 threshold.
The term "withholdable payment" is broad and covers virtually all salaries, wages, dividends, annuities, periodical gains, profits, and income; or gross proceeds from the sale of property which can produce interest or dividends from sources in the United States.
The term "foreign financial institution" does not refer to just offshore institutions, but any financial institution which does not meet the requirements of subsection (b) to "comply with such verification and due diligence procedures as the Secretary may require with respect to the identification of U.S. accounts." And if any financial institution is not in compliance with these yet to-be-determined procedures required by the Secretary before 2013 (some by 2014) then such financial institutions shall be considered "foreign".
The term "withholding agent" refers to the bank who is sending the money and is responsible for deducting the payment. Generally, banks charge a fee to send a wire transfer and are not designed to be an administrative body capable of determining if the receiving financial institution has a tax-sharing agreement with the IRS and is currently in compliance with the requirements of subsection (b).
Under this law, foreign financial institutions shall be pressured to report the name, address, and Tax Identification Number (TIN) of each account which has a United States person as a beneficial owner, including foreign entities. Banks will be forced to disclose account numbers, balances, receipts, withdrawals and payments.
So, in short, Obama has turned your bank and financial institutions around the world, into tax policemen. Since banks will not assume any liability for failing to withhold the 30% from your transactions, they will likely turn these payments over to the IRS or will begin refusing to comply with the disclosure requirements altogether and close-out the accounts of American citizens as has Hong Kong, Switzerland and other prominent jurisdictions.
Americans have never had so many reasons to protect their assets than with the passage of this Draconian bill.
Food costs in the Algarve are cheap compared to most other countries in Europe. Here there is an abundance of locally grown fruit and vegetables, fresh fish and good quality meat. Many of the products are produced or farmed locally and sold in the towns’ markets, which are friendly and delightful to shop in. This means that the fresh food is not only cheaper, it lasts longer and is more environmentally friendly. It is noticeable that all my guests who come from outside Portugal...
Food costs in the Algarve are cheap compared to most other countries in Europe. Here there is an abundance of locally grown fruit and vegetables, fresh fish and good quality meat. Many of the products are produced or farmed locally and sold in the towns’ markets, which are friendly and delightful to shop in. This means that the fresh food is not only cheaper, it lasts longer and is more environmentally friendly. It is noticeable that all my guests who come from outside Portugal comment on the amazing taste and flavor of the food, something that as a foodie I enjoy immensely but have come to take for granted.
A loaf of Portuguese white bread costs around €0.80c (about 90 US cents or .6 British pounds), a liter of milk (a quart) cost €0.90c (about one US dollar or .7 British pounds), sliced cheese is around €3.00 per pound (about US $3.40 or 2.3 British pounds), smoked ham is €4.00 per pound (about US $4.50 or 3 British pounds) and free range chicken is around €1.50 a pound (about US $1.70 or 1.2 British pounds). Beer and wine are also produced locally so it is possible to buy a good quality bottle of wine (red or white) in the supermarket for under €5.00 (about US $6.80 or under 4 British pounds).
Who among us hasn’t been cheered during an otherwise down time or learned an important life lesson from a dog?
About 20 years ago, when I was having a difficult time in a particularly tense business negotiation, I stopped for a moment and happened to look away from my computer screen and phone and towards the floor. There, with new eyes, I saw Cookie, the family dog, fast asleep near my desk, as usual, her complete contentment and lack of concern in sharp contrast to my...
I recently got my car towed by the police! What I found out on that fateful day has been a real eye opener that I have decided to share, as many people, including me, will not be aware of these facts…
Firstly, you must have your original driving license with you every time you drive, whether this is your Panamanian driving license or whatever original driver’s license for whatever country you are from.
On Saturday February 15, 2014 I visited the new Butterfly Haven located in El Valle. Yes I am truly lucky & blessed - I visited a wonderful butterfly haven while many North Americans suffered thru extreme February cold & snow.
Oh yeah one of the butterflies even landed on my shirt and wanted to return to my home in Coronado with me (just 28 miles away)... but don't worry I was very careful & made every effort not to hurt this...